Russia does not expect it to be removed from the SWIFT system, says VTB CEO By Reuters

MOSCOW (Reuters) – Russia’s financial system would be able to deal with SWIFT despite being disconnected from the global interbank payment system, the head of the country’s second-largest lender VTB Bank said on Sunday, but added that he did not believe such a move. it was likely.

Washington and other Western capitals have warned Moscow that it will have major economic repercussions if Russia invades Ukraine, and cutting Russia off from SWIFT, which is key to global cash flow, is a widespread idea. He has rejected suggestions that he intends to invade Russia.

“Of course we’re going to survive, but I don’t think that’s going to happen,” VTB CEO Andrey Kostin told Rossiya 1.

“It would be a very serious measure,‘ non-friendly ’does not do justice,” he said.

Russia has set up its own banking messaging system, known as the SPFS as an alternative to SWIFT, officials say, the blow would have to be partially mitigated if Russia were to disconnect from SWIFT.

German Gref, Sberbank’s chief executive of Russia, said in a statement that “new US sanctions could have the potential to convert Moscow rubles into dollars and other currencies.”